At SMT’s annual general meeting yesterday (3 July), chair Justin Dowley confirmed that the trust had spent £2bn in its share buyback scheme so far.
The £14.5bn trust launched a minimum £1bn share buyback scheme back in March 2024, mainly as a way to tackle its extensive discount, a dynamic which has been apparent across the investment trust sector in recent years.
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Dowley said SMT had bought back stock at discounts “as wide” as 16%, down to the current 9.7% level.
“It is not ideal, what we wo…
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